管理学院双周学术论坛第二十五期
主题
Voluntary Corporate Social Responsibility Disclosure and CSR-related Litigation
活动时间
-
活动地址
善衡堂培华会议室
主讲人
王玙颉 助理教授
主办单位
中山大学管理学院

 

嘉宾简介

中山大学管理学院助理教授,中南大学商学院管理学博士,澳洲昆士兰大学会计与金融系联合培养博士,香港理工大学会计与金融学院研究助理。主要研究兴趣会计信息披露,环境、社会与治理(ESG),公司治理等。研究成果发表在Journal of Banking and Finance,British Accounting Research 等会计、金融类权威学术期刊。

讲座简介

Despite the extensive literature in the relationship between firms’ voluntary financial disclosure and securities litigation risk or vice versa, it remains underexplored whether voluntary non-financial disclosure increases or decreases litigation risk. This paper documents that both the issuance and level of firms’ corporate social responsibility (CSR) disclosure are associated with a higher likelihood and intensity of subsequent CSR-related lawsuits. Moreover, the association is more pronounced for quantitative CSR disclosures compared to qualitative ones. We make causal inferences by leveraging mandatory CSR disclosure for ADR firms, CSR rating coverage expansion, the staggered adoption of the industry-level provisional SASB standards for voluntary CSR disclosure, and the reduction of industry-level tariff, creating exogenous variations in firms' voluntary CSR disclosure. The results are robust to alternative specifications, samples, and outcome variables. Further analysis indicates that higher CSR information transparency, stronger CSR commitment, and better CSR performance can attenuate the positive relation. Additionally, we provide supplementary evidence that CSR disclosure also incur real costs for both firms and their managers. Overall, our findings shed new light on a major cost concern associated with CSR disclosure and further identify firm characteristics that may reduce such concerns.

 

 

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